Thai Baht Is Asia’s Top Outperformer on Tourism Rebound Bet
- Partial reopening of Thailand’s economy has boosted confidence
- Maybank sees baht rallying to 31.7 per dollar by year-end
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After lagging other Asian currencies for most of the year, Thailand’s baht has staged a sharp rebound to outperform its peers.
The baht has rallied almost 1.5% in May after dropping over 7% in the first four months of 2020. The catalyst? Traders are betting Thailand’s tourism-dependent economy will recover swiftly from the virus-induced slump as economies begin to reopen.